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Coherent Reports Q2 Results

Photonics.comMay 2011
SANTA CLARA, Calif., May 4, 2011 — Coherent Inc. announced yesterday that it has exceeded its own net sales projection for the second quarter of 2011.

The first quarter saw a 95 percent increase year-to-date, and Coherent projected its second-quarter net sales would range from $187 million to $192 million.

Yesterday, the company reported net sales of $200.9 million, up more than $149.2 million from Q2 2010, and net income of $23.7 million, up more than Q2 2010’s net income of $42.8 million.

Bookings received for the six-month period ending April 2, 2011, were $471.1 million, compared with $322.9 million in bookings the same time last year.

“Our record-setting bookings and revenue in the second quarter underscore the continuing strength in our commercial markets, especially in the microelectronics business,” said John Ambroseco, Coherent’s CEO. “Demand for lasers used in the packaging of smartphones and the production of flat panel displays remains very high.”

Coherent did, however, end the quarter with a decrease in cash and short-term investments, from $296.6 million on Jan. 1, 2011, to the current $270.6 million. The company said the decrease is primarily due to the acquisition of Hypertronics’ assets and the repurchase of 454,682 shares of its common stock. (See: Coherent Reports $37M Profit for 2010, Acquires Hypertronics)

Coherent was founded in May of 1966. As it was for most companies starting out in the mid-60’s, the company’s start was modest. With limited financial resources, Coherent established its headquarters in the Palo Alto, CA home of one of...